Blue Prism said that its board of directors continue to believe that the earlier offer from Vista Funds is in the best interests of shareholders but will assess the proposal from SS&C Technologies


Blue Prism provides intelligent automation solutions for enterprise customers. (Credit: Jean Martinelle from Pixabay)

SS&C Technologies has confirmed making a preliminary approach to enterprise intelligent automation solutions provider Blue Prism Group regarding a possible offer to acquire the latter in a deal worth around $1.6bn.

Based in the UK, Blue Prism provides robotic process automation (RPA) software for enterprise customers.

Shareholders of the publicly-listed company will be offered 1.2p per share in cash as per the proposal from SS&C Technologies.

Based in Windsor, Connecticut, SS&C Technologies is a software provider that caters to the financial services and healthcare industries.

The company said that its preliminary approach is conditional on the satisfaction or waiver of various pre-conditions, which include the execution of a thorough due diligence.

SS&C Technologies chairman and CEO Bill Stone said: “Automation has been at the forefront of SS&C’s technology initiatives for several years now.

“Blue Prism’s innovative solutions are recognised as a leader by RPA analysts, and we believe they would complement our existing products, particularly Chorus, our intelligent automation solution.”

Blue Prism said that its board is currently assessing the proposal from SS&C Technologies with its financial adviser, Qatalyst Partners. The company added that there can be no guarantee that any firm offer will be made by the US firm.

SS&C Technologies’ offer follows an agreement signed by Blue Prism in September 2021 for its takeover by Vista Equity Partners’ Vista Funds for a sum of £1.1bn ($1.48bn).

Blue Prism stated: “Whilst the directors of Blue Prism continue to believe that the Vista Offer is in the best interests of Blue Prism shareholders and are not withdrawing their recommendation of it at this stage, in light of the SS&C Proposal, the Board consider it to be in Blue Prism shareholders’ interests to adjourn the Court Meeting and General Meeting in order to explore further the approach from SS&C.

“The Court Meeting and General Meeting required to implement the Vista Offer, which are due to be held on 19 November 2021, will therefore be adjourned, in each case to a date and time to be determined by the directors of Blue Prism.”

Vista Funds is offering 1.12p per share in cash to the shareholders of the intelligent automation solutions provider.

Following the closing of the deal, Vista Funds has plans to indirectly transfer Blue Prism to its portfolio firm TIBCO Software.

The US-based TIBCO Software is engaged in the enterprise data space and had developed a connected intelligence platform to help enterprises predict outcomes in real-time and at scale.

Blue Prism’s intelligent automation platform, on the other hand, has been designed to connect both the human and digital workforce with systems, cognitive tools, applications and technologies like artificial intelligence (AI), optical character recognition (OCR), machine learning, and the Blue Prism Digital Exchange.